Melbourne auction gains $95k windfall after early reserve price reveal

A townhouse auction in Melbourne's leafy southeast gained $95,000 over its reserve price after revealing its reserve early to buyers, ahead of new laws taking effect within days in Victoria. The townhouse in Mount Waverley advertised a $1.325 million reserve price ahead of its auction held last Saturday, attracting three bidders on the day before selling to a first-home buyer for $1.42 million. The positive auction result is an early sign of optimism for home sellers and real estate agents in the state, who are facing sweeping property price law changes, including publishing reserve prices seven days out from auction day, taking effect from 16 October. The Mount Waverley townhouse sold under the hammer for $1.42 million. Picture: realestate.com.au/soldAcross Australia, there were 1,524 homes scheduled for auction last week, recording a preliminary national clearance of 41.2%, according to realestate.com.au. However, greater Melbourne's clearance rate came in higher at 52.9% out of 529 auctions. Property market conditions have been softening nationally since the Reserve Bank started increasing interest rates, and the federal government overhauled negative gearing and capital gains t...